Loan Against Property

Loan against property Provider Noida

Nobody likes to mortgage his own property. Circumstances or obligations compel one to mortgage property. Getting loan against property is a process and to get this loan you need to full fill certain formalities.
Loan against Property comes under the secured loan category where the borrower takes the loan by giving the guarantee by using his/her residential or commercial property as a security.

The interest rate in loan against property is lower as compared to the other loans because the property makes it a secured loan. You can avail the LAP with an objective to fulfill the professional, as well as personal works. Almost, every banking institution provides LAP at attractive interest rates.

How loan against property is beneficial for you

• Loan tenure for LAP is a long term
• Rate of interest is less in comparison to unsecured loans
• You can avail loan to meet immediate & commercial expenses
• It is best for debt consolidation and new business funding
• The process is fast as compared to unsecured loans

Getting loan against property isn’t maze

Easy documentation

Personalized customer service

Transparent processes

Tailor-made solutions

Quick and efficient processing

Eligibility to get loan against property

Loan amount is based on repayment ability. And this ability is decided on the basis of age, income, educational qualification, spouse’s income, savings, number of dependent, loan cannot be given more than 85% of the total property cost

Tenure of the loan

Repayment of loan is possible for over a period of 15 years but may vary with bank. Repayment will not extend the age of 60 years or retirement.

Fee charged for loan against property

Mostly 1.5% of the loan amount is charged as processing fee

Documents required for loan against property

• Proof of Residence – A ration Card / Telephone Bill / Electricity Bill / Voters Card will do.
• Proof of Identity – A Voter’s Card / Driver’s License / Employer’s Card will do.
• Bank Statement / Passbook from where you can show a salary / income being credited from the past 6 months.
• Salary Slip from the last 6 months with all deductions shown. A Form 16 from the last 2 years will also be required.
• Copies of all Property Documents of the concerned property that you chose to pledge for the loan.

If you are a self employed professional/individual

• Certified Financial Statement for the last 3 years.
• Proof of Residence – A ration Card / Telephone Bill / Electricity Bill / Voters Card will do.
• Proof of Identity – A Voter’s Card / Driver’s License / Employer’s Card will do.
• Latest Bank Statement / Passbook from where you can show a salary / income being credited from the past 6 months.
• Copies of all Property Documents of the concerned property that you chose to pledge for the loan.